MRA Advisory Group Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

MRA Advisory Group reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,392 shares of the semiconductor manufacturer's stock after selling 1,368 shares during the quarter. Broadcom makes up 0.6% of MRA Advisory Group's investment portfolio, making the stock its 27th largest position. MRA Advisory Group's holdings in Broadcom were worth $1,070,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised its holdings in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC raised its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank purchased a new position in Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp raised its holdings in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Broadcom stock opened at $259.93 on Friday. The company has a market cap of $1.22 trillion, a PE ratio of 212.02, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a fifty day moving average price of $202.16 and a two-hundred day moving average price of $205.65. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.91%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom announced that its board has initiated a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Citigroup lifted their price objective on shares of Broadcom from $210.00 to $276.00 and gave the company a "buy" rating in a research note on Tuesday. Mizuho lifted their price objective on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Finally, Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $246.00.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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